OPEC yet to agree on final deal as Iran seeks exemptions

Saudi Arabia’s energy minister said he wasn’t confident OPEC would reach a deal on Friday to cut oil output as sources said the producer group’s leader had yet to agree on exemptions for sanctions-hit Iran. The Organization of the Petroleum Exporting Countries resumed discussions in Vienna at around 0900 GMT, before a meeting later in the day with non-OPEC oil producers led by Russia. On Thursday, OPEC tentatively agreed an oil output cut but could not decide concrete parameters for reductions as it was waiting for a commitment from non-OPEC heavyweight Russia, sources from the group said. On Friday, two OPEC sources said Saudi Arabia’s arch-rival Iran, which came under fresh U.S. sanctions in November, was also holding up a final deal. “Iran will insist on an exception until sanctions are removed,” one of the OPEC sources said. Saudi Arabia faces pressure from U.S. President Donald […]